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Rest to boost member savings with industrial estate acquisition
Rest has confirmed that construction is underway on its planned $400 million logistics and industrial estate at Mamre Road in Kemps Creek, Sydney.
According to the $80 billion fund, the 20-hectare industrial site, Access Logistics Park, was jointly purchased in April, alongside real estate investment manager Barings.
Outlining the company’s development plans, Rest said the site would become a sustainable logistics and industrial estate comprising six buildings, across a gross lettable area
of 90,000 square metres.
Rest chief executive Vicki Doyle said its investment in Access Logistics Park provided members with exposure to a large-scale asset in close proximity to the future Western Sydney Airport, as well as the rapidly growing surrounding area.
“This exciting and future-focused investment is expected to bring strong long-term returns to help increase our members’ retirement savings and add further diversification to our property portfolio,” Doyle said.
“In addition to enhancing our members’ financial interests, I’m pleased that this project is expected to also contribute to the overall economic development of South Western Sydney, a region where tens of thousands of Rest members live and work.”
The acquisition of the Kemps Creek site takes the growing industrial asset portfolio of the Barings and Rest venture to $1 billion, Barings clarified on Thursday.
Namely, in December the duo acquired its first seed asset – two fully leased modern warehouses in the established industrial precinct of Truganina, in Western Melbourne – for $94 million.
In June, the venture also completed an off-market purchase of an industrial portfolio for $780 million from Goodman Group, comprising 12 assets and 17 tenants across some 70 hectares of underlying land and approximately 340,000 square metres of total leasable area across sites in Sydney and Melbourne.
“We’re delighted to be out breaking ground and commencing works on the Access Logistics Estate in the heart of Kemps Creek,” Barings project director Stephen O’Connor said.
O’Connor clarified that the location benefits from 400 metres of frontage to Mamre Road, dual access points to facilitate logistical efficiency, and is well-connected to major road infrastructure and transport links.
“It is just 5 kilometres from the Western Sydney Airport at Badgerys Creek and the aerotropolis, and within 30 minutes of Parramatta City.”
“With continued strong demand for industrial and logistics space in and around the aerotropolis, we’re excited that the new Access Logistics Park will offer a range of flexible opportunities for international and domestic businesses looking to establish or expand their operations in a superior location in the heart of Kemps Creek,” O’Connor added.
AUTHOR
Jessica Penny
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